Australia Ranked 5th In Global Crypto Rankings
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Australia Ranked 5th In Global Crypto Rankings
The Coincube rewards points across nine overall categories: government, financial services, population, taxation, talent development and industry participation, trade, fraud and environmental potential. New subcategories such as crypto education courses and initial coin offerings have been added to create a more comprehensive gauge.
Germany, US top the table, followed by Switzerland and Singapore
Jointly topping the table are Germany and the US, whose dominance stems from the progressive regulatory environment of both countries and major bitcoin investments by mainstream institutions. Allowing its thrift industry to use crypto investments and maintaining a zero-tax policy on capital gains on BTC and ETH for more than a year were key reasons Germany climbed to the top earlier this year.
The US moved up from third place in Q1 to share the top rank with Germany in the wake of President Joe Biden's March executive order on digital assets that increased consumer protection and financial stability as well as crackdown on illegal activities . Switzerland came third in CoinCube's global crypto rankings, largely due to the City of Lugarno's recognition of bitcoin as legal tender.
More than 1000 blockchain and virtual asset service providers are based in Switzerland, and the country also ranks highly for its prime location of bitcoin nodes and ATMs. In fourth place is Singapore, down from the top spot at the end of 2021 as regulatory tightening in the island republic.
Why Australia made the top five
Australia's proliferation of initial coin offerings, exchanges and transaction volume, as well as its many universities offering blockchain and crypto educational courses, helped it rank fifth. This position coincides with Australia’s position as the fourth best market for cryptocurrency job opportunities, according to a May report.Australians are also ranked eighth in the world for interest in NFTs, according to an analysis published this month by online lender CashnetUSA.